Friday, June 1, 2012

Master Developer of Cyberjaya, Setia Haruman Sdn Bhd, is investing RM2.5 billion over the next five years to develop four mixed residential projects in Cyberjaya, dubbed an "Intelligent City".

Chairman Tan Sri Mustapha Kamal Abu Bakar said the projects, namely CBD Perdana 3 and 5, APEX Residence and a proposed mixed residential development will be riding on the "New Wave" development of Cyberjaya.

Setia Haruman would also build infrastructures such as roads and drains, water reservoirs, drainage systems, sewage treatment plants and fibre optics to service and support the "New Wave" development till 2016.

The projects gross development value is about 30 per cent more than the amount invested, he told a media briefing.

Mustapha said over the last three years, 16 major developers had acquired large tracts of land for residential, commercial and institutional developments.

The concurrent investment and involvement of these developers have created a "New Wave" in Cyberjaya, resulting in a residential and commercial boom.

This "New Wave" is expected to continue over the next five years, with the population to double to 100,000.

"Property prices in this city has appreciated by 30 per cent over the last two years and early investors have enjoyed substantial gains.

"With the many developments being undertaken by various developers, we expect Cyberjaya to be transformed from a development hotspot into a vibrant city of the future," he said.

Currently, the ongoing and upcoming accumulative investments in Cyberjaya by 16 developers is about RM20.6 billion.

CYBERJAYA: Master Developer of Cyberjaya, Setia Haruman Sdn Bhd, is investing RM2.5 billion over the next five years to develop four mixed residential projects in Cyberjaya, dubbed an “Intelligent City”.

Chairman Tan Sri Mustapha Kamal Abu Bakar said the projects, namely CBD Perdana 3 and 5, APEX Residence and a proposed mixed residential development will be riding on the “New Wave” development of Cyberjaya.

Setia Haruman would also build infrastructures such as roads and drains, water reservoirs, drainage systems, sewage treatment plants and fibre optics to service and support the “New Wave” development till 2016.

The projects gross development value is about 30 per cent more than the amount invested, he told a media briefing.

Mustapha said over the last three years, 16 major developers had acquired large tracts of land for residential, commercial and institutional developments.

The concurrent investment and involvement of these developers have created a “New Wave” in Cyberjaya, resulting in a residential and commercial boom.

This “New Wave” is expected to continue over the next five years, with the population to double to 100,000.

“Property prices in this city has appreciated by 30 per cent over the last two years and early investors have enjoyed substantial gains.

“With the many developments being undertaken by various developers, we expect Cyberjaya to be transformed from a development hotspot into a vibrant city of the future,” he said.

Currently, the ongoing and upcoming accumulative investments in Cyberjaya by 16 developers is about RM20.6 billion.

SHAH ALAM: I-Bhd's serviced residence project known as i-Residence, has sold almost 65 per cent of the units available even before it was launched yesterday.

I-Residence is the third component in the i-City development.

I-Bhd chief executive Datuk Eu Hong Chew said the company has managed to entice the hip and happening crowd of young families and singles to invest in i-City as their first property.

"Most of our buyers are first time buyers, newlyweds aged below 35 years old," he said after the launch of the i-Residence project.

Also present at the event was Housing and Local Government Minister Datuk Seri Chor Chee Heung who said that the had welcomed, the developers many initiatives to make it a safe city to live in.

Eu said the new residential area would take at least two and a half years to complete with a gross domestic value of RM225 million.

"We hope that more and more people will invest in our properties in due time. The whole area will be developed within the next 10 years. Right now only 15 per cent of the land has been utilised," he said.

The duplex villas are ideal for large families with a built-up area ranging from 2,400 sq ft to 3,700 sq ft and offers 3+1 or 4+1 bedroom with private lift and a 50m Olympic sized long swimming pool at the doorstep.

I -City is a RM5 billion ICT-based integrated township development consisting of a shopping mall, cyber office suites, corporate towers, hotel along with residential and retail components.

The 72-acre freehold site, with 13 million sq ft of built-up, has been endorsed as a MSC Malaysia Cybercentre and a tourist destination by the Federal Government and as an International Park by the Selangor State Government.

SHAH ALAM: I-Bhd, the master developer of i-City, expects the residential segment of the information, communication and technology (ICT) based integrated township development to contribute 30% to its revenue.

“We are saying that the residential component is going to be about 30% of the whole of i-City. We hope that each segment will contribute fully to I-Bhd’s bottomline. In the long-term basis, we hope that they will contribute one-third each,” I-Bhd CEO Datuk Eu Hong Chew said.

He said the gross development value (GDV) of i-City’s first residential block amounts to RM225mil. This is 7.5% of i-City’s total GDV of RM3bil. i-Residence consists of a 33-storey condominium, which has 346 units in two tower blocks, and 20 units of low density exclusive duplex villas. Already 65% of the total units have been sold.

The size of the condominium units range from 715 sq ft to 1,357 sq ft while the 20 villas range from 2,400 sq ft to 3,700 sq ft.

i-City will have its own auxiliary force in accordance to the Housing and Local Government Ministry’s “Safe City” concept.

Piling works for i-Residence has started and construction is expected to be completed in 2½ years’ time.

Eu said: “We have 8 million sq ft of gross floor area set for residential. We will be launching 1 million sq ft a year. The first residential block in i-Residence is 500,000 sq ft.”

The remaining build-up space will be launched by year-end.

He expects the total development of i-City to be completed in 10 years.

“We are one of the very few high-rise developments in the Shah Alam area. The profile shown is that it suits young adults,” Eu said.

The universal theme of i-City is “Live, Work and Play”. i-Residence is part of i-City’s “Live” component, while the MSC Malaysia Cybercentre represents its “Work” component.

As part of the “Play” component, i-City launched the city of digital lights in December 2009 and subsequently introduced Snowalk and its theme park rides.

In a recent report, Kenanga Research said it expected i-City’s real GDV to be close to RM5bil assuming the average selling price hits a high of RM550 per sq ft.

Eu said: “We have zero gearing, so there are no loans on our side. In a down-cycle, we don’t lose anything. From a business perspective, even if we don’t sell anything, we will still have RM30mil to RM40mil recurring income, which is made up of rental income and leisure income.”

The entire development of i-City spans over 72 acres of freehold land. Only 15% has been developed. i-City will launch its water resort by year-end.

A direct flyover from the Federal Highway to i-City is currently under construction and will be completed in September.

The RM58mil flyover project was undertaken by the Menteri Besar Inc to ease traffic flow to and from the area.

Magical Sterling Sdn Bhd, a wholly-owned subsidiary of Glomac Bhd, has proposed to acquire 77.5 hectares of land in Sepang, Selangor, for RM66.821 million, or RM8.00 per sq ft.

In a filing to Bursa Malaysia today, Glomac said Magical Sterling has entered into a sale and purchase agreement with Lee Ching Cheng Dengkil Oil Palm Plantations Sdn Bhd for the proposed acquisition.

The purchase consideration for the land, cultivated with oil palm trees, was arrived at on a willing-buyer willing-seller basis, after taking into consideration the development potential of the land and the market value of the properties surrounding the area.

The proposed acquisition, to be paid wholly in cash from internally generated funds and borrowings, is in line with Glomac's core strategy of acquiring suitable development landbank within the Greater Kuala Lumpur with strong potential for prime and sizeable new developments with high development value.

Glomac added it intends to develop a mixed residential development project on the land.

KUALA LUMPUR: Malaysia Building Society Bhd (MBSB) yesterday signed a debt settlement agreement for RM120 million with Twin Pavilion Development Sdn Bhd to revive and complete the Pantai Plaza project in Bangsar here.

Twin Pavilion Development has taken over the project, now called Bangsar Trade Centre (BTC).

Speaking to reporters after the signing ceremony, MBSB president and chief executive officer Datuk Ahmad Zaini Othman said the group will extend a RM120 million end-financing assistance to the project's purchasers.

Twin Pavilion Development chief executive officer Lee Seng Khoon said construction will begin in August and will be completed in three stages beginning August next year until December 2014, with the completion of the BTC wholesale mall, followed by the business suits and corporate office tower.

Twin Pavilion Development chairman Tan Sri Ramli Ngah Talib said BTC will cover 1.4 million sq ft of purpose-built business space, with a RM850 million gross development value and is expected to welcome about 10,000 people daily.

Federal Territories and Urban Well Being Minister Datuk Raja Nong Chik Raja Zainal Abidin, who launched the BTC project, said more sites will be identified for redevelopment as the momentum for urban renewal has accelerated under the government's Economic Transformation Programme to reach its full potential.

"There is no doubt that parts of Kuala Lumpur will need urban renewal in the years to come.

"This is in addition to the areas identified for redevelopment under the Greater Kuala Lumpur project," he said.

Raja Nong Chik said Pantai Plaza's restoration is timely and in line with the upcoming development within the vicinity.

"I am sure KL residents, especially from Pantai Valley, will look forward to BTC's completion as it captures their imagination of what an integrated development in this location should be standing tall as a new entry to the place," he added.

In question: The PKNS field in Kelana Jaya which residents want to be retained as green lung.

Discrepancies in the Petaling Jaya Local Plan 2 has led to residents stepping up the campaign to save the PKNS field in Kelana Jaya.

The field earmarked for development of five 35-storey apartment blocks has been the subject of controversy among residents who want the field retained as a green lung.

After several attempts to stop the development, the action committee found a discprepancy in two versions of the local plan, one by the Petaling Jaya City Council (MPBJ) and the other by the Selangor Town and Rural Planning Department.

The MBPJ version states that the status of the field is commercial while the planning department has marked it as a green lung.

The error was highlighted by councillor Derek Fernandez at the full board meeting earlier this week sparking outrage among residents.

“The process of tampering a government document is fraudulent. It should be investigated and a police report should be lodged because it involves so many people,” said action committee secretary Esham Salam.

“It is the responsibility of PKNS to return the field otherwise the land status might be changed later on and the development could take off,” he added.

The committee is urging Selangor Mentri Besar Tan Sri Khalid Ibrahim to make a commitment to return the field.

Meanwhile, Kelana Jaya Barisan Nasional component parties are asking for a full explanation on the discrepancies discovered in the local plan.

She said the council had not received any development plans but noticeboards had been put up and meetings arranged with the residents.

She, however, commended Roslan for admitting it was a serious error.

Roslan in a press conference after the full board meeting said the development would not be carried out.

“Any development made based on the wrong plan will not be accepted,” he said.

Ong also said the action committee had lodged a report with the MACC on the matter.

Residents, who attended a press conference organised by Ong at her office in Regalia Subang Jaya, were unhappy with the proceedings.

A resident, Mohd Aminuddin Che Mat Din said the mayor might say that the project would not take off now since the mistake had been found out but what guarantee was there that the development would not be approved later on.

PETALING JAYA: A Daiman Development Bhd property in Johor Baru is set to become part of the Hilton Hotels & Resorts stable. In a statement to StarBiz yesterday, Daiman Development clarified that the management agreement signed on May 28 by wholly-owned Daiman Landmark Hotel Sdn Bhd and Hilton of Malaysia LLC is for Hilton to provide development services and to operate a hotel owned by Daiman Landmark Hotel.

The hotel will be run under the ‘DoubleTree by Hilton’ brand. Hilton of Malaysia is an affiliate of Hilton Worldwide Inc.

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